Payday Loans Same Day Cash

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Same day payday loans, as the name suggests, are extremely useful for scenarios where you need immediate cash in your hands to take care of some urgent financial crisis. Payday loans are useful for emergency situations like paying your bills on time, taking care of your immediate medical needs, stacking up your groceries, or repairing your damaged car.

However, keep in mind that no lenders can guarantee a same day payday loan.

It is a possibility! But not guaranteed. The standard term that lenders use is the “next business day deposit.”

$400 - 50,000
Bad credit
Approval rate
High approval rate
Deposit time
In some cases
Type of service
$500 - 10,000
Bad credit
Approval rate
High approval rate
Deposit time
In some cases
next day
Type of service
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Lenders are legally bound to check at least some minimum aspect of your bank account details before they can approve your payday loans. Such a process takes time and is often referred to as the time of decision.

However, in the case of payday loans, the time of decision is usually very less (about 90 seconds). So, the possibility of a same day deposit is usually high.
Same day payday loans eliminate the time barrier and help you obtain cash with a minimal delay so you can start using the funds immediately for extreme urgency.

Requirements of same day deposit

Technically there are NO requirements than can guarantee a same day deposit. However, there are certain factors that can increase the possibility of the same day deposit.

Your best option is to ensure you tick out all the eligible criteria boxes. This will help reduce the decision time, which, in turn, enhances the chances of getting your loan approved faster.

Generally, for payday loans, companies only check for your monthly income and some other minor information.

The basic requirements include –

  • The minimum eligible age is 18. But, in most cases, lenders prefer giving out payday loans to customers who are at least 21 years or older.
  • You should be earning a monthly income of at least $800 before taxes. But, most lenders recommended a monthly income of at least $2000 pre-tax.
  • A valid proof of income certificate/document like a pay stub or a direct deposit form.
  • A valid and active bank account.
  • A valid proof of identification like a driver’s license or any government ID card. In some cases, lenders can ask for proof of residence as well.

Do Payday Loans with no credit check exist?

In the majority of the cases, when customers apply for any type of loan, it is a standard procedure for companies to perform some kind of background check on your credit account. Usually, the two main forms of credit checks are hard and soft credit check.

In both these cases, lenders can get access to your credit history. But, if you do not have the most convincing credit history, and would like the lenders to stay away from conducting a credit check, aka no credit check, you’re in luck!

Although there aren’t any specific loans that do not require some form of credit check, you can find lenders that will accept your payday loans by simply verifying your monthly income.
In such cases, lenders do not perform any credit check and simply offer payday loans if you have a consistent monthly income.

So, YES! Payday loans with no credit checks do exist. But not every lender offers such service, so you may have to look around for a while before you can find your ideal lender.

Difference between a soft and hard credit check

Soft and hard credit checks are the two main types of credit checks that most lenders perform on your account before they can approve your loan application. Here are some of the most common differences between these two types of credit checks.

  • The most fundamental difference between a soft check and a hard check is that the former does not affect your credit scores while the later does. So, if you have a damaged credit score and wish to prevent it from reducing further, a soft credit check is your ideal option.
  • Soft credit checks can be performed without your consent. Usually, most lenders perform a standard soft credit check to pre-approve your loan. However, lenders cannot conduct a hard credit check on your credit account unless you approve of it.Hard credit checks usually involve an in-depth inspection of your bank account and credit history. These types of credit checks are performed just before lenders can make the final loan approval.
  • Soft credit checks are usually applicable only for loans that involve small amounts like payday loans. In such cases, lenders don’t care for your credit history. Hence, a soft credit check is usually sufficient.Hard credit check, on the other hand, is a standard procedure that is common for situations where you borrow funds in large amounts like personal loans.
  • Lastly, Soft credit checks usually come bundled with high-interest rates. Since lenders take financial risks by ignoring your bad credit history, they compensate by charging high fees and interest rates.In contrary, hard credit checks are usually associated with low-interest rates. That is, of course, if you have good credit scores. But, in many cases, customers only allow hard checks only if they have a good credit report to show for. So, in general, hard credit checks can reduce the interest rate of your loan

Pros of payday loans

  • Payday loans are Unsecured – Payday loans are a type of unsecured loan, which means you do not need to put up any collateral when borrowing money from the lenders. This means you do not put yourself at risk of losing any personal properties or prized possessions, even if you are late for debt payments.

    Of course, the extra charges will build up if you do not repay on time. Nonetheless, you do not have to worry about the lenders dragging your personal properties into the matter.

  • Ideal for unprecedented financial requirements – Traditional bank loans can usually take up to several weeks and even up to months in some cases. So, if you require immediate cash to take care of emergency financial needs, such loans are not ideal.

    Payday loans, on the other hand, are the quickest way to obtain cash. Lenders usually mention “next business day deposit,” but, in most cases, the fund gets transferred the same day. This helps you take care of any type of financial emergencies without any delay.

  •  Payday loans do not affect your credit scores – Usually, when you apply for loans using your credit card, your credit scores reduces by a substantial degree, especially if you already have bad credit. However, in case of payday loans, lenders do not report your loan application to your credit bureau.

    This, in turn, prevents your credit bureau from penalizing your account by reducing your credit scores. In addition, lenders also do not check your credit report in case of payday loans. So, even if you have a damaged credit rating that does not affect your loan approval.

Cons of payday loans

  • High fees and interest rate – While payday loans can provide an excellent solution for obtaining fast cash, they usually come bundled with high fees and interest charges. Lenders usually overlook your bad credit scores. As such, they make up for taking such risk by imposing high-interest rates.

    In the long run, if you are unable to repay the payday loan debt in time, it can end up costing you a substantial financial loss.

  • Only a short-term solution – Payday loans are only ideal for short-term financial assistance. So, if you are looking for a loan option that can financially sustain you for an extended period, an installment loan or a personal loan is more ideal.


Although no lenders can guarantee same day cash payday loans, the possibilities cannot be ruled out entirely. Lenders usually perform only a brief check on your account (soft check). So, the possibility of a same day deposit is very likely, that is, of course, if you have all the necessary requirements.

Quick Stats

Highest AmountHonestLoans - $50,000

Loan Terms up toQuickLoanLink - 7 years

Recommended income$2,000+ per month

Grace Chen
Article written by

Grace Chen

Grace Chen has 10 years of experience in the financial field and have been delivering excellent business content through her articles.

Grace graduated from the Haas School of Business, University of California and is currently the chief editor of Communicate Better where she has written and edited thousands of articles published in various media.